This year I took the time to compare the value of our property to that of other properties in Summerland by searching the B.C. Assessments website.
Much to my surprise I found properties in Summerland which are way undervalued in light of today’s real estate values.
Believe it or not there are still acreages with homes on them in this town with assessed values of under $200,000!
I can only assume that these properties, which are assessed at a ridiculously low amount are places where the owners have lived for 20, 30, 40 or even 50 years and who have never needed to get an appraisal done in order to re-finance or renovate.
It seems that B.C Assessments relies on a property selling or on receiving appraisal information in order to find out the true value of properties.
Once this happens they then send out a more accurate assessment the following year.
It is my understanding that the amount of taxes we pay is largely based on our assessments. Considering what I have discovered I can only assume that there are many, many property owners in Summerland and other B.C. communities who are not paying their fair share of taxes.
People who have recently purchased a property, built a home or who have had an appraisal done are paying taxes based on true value, while others who have not, are paying taxes based on property values from many years ago.
This seems like a very unfair, inaccurate system to say the least.
If anyone has information that would correct my understanding, I would be happy to hear it.
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